Who is Jim Biden's wife? President Joe Biden's brother linked to alleged fraud scheme of using 'business loans' for personal expenses
WASHINGTON, DC: Sara Jones Biden is the wife of President Joe Biden's younger brother, James "Jim" Biden, who was recently accused of being involved in an alleged fraudulent scheme as per confidential Treasury documents.
The 74-year-old was named in three Suspicious Activity Reports (SARs) filed by banks to the Treasury Department, connecting him to the alleged fraud.
These documents were uncovered during an investigation into James' former business partner, Michael Lewitt, who has been charged by the Securities and Exchange Commission (SEC) with "misappropriating" $4.7 million from his hedge fund.
The SEC accuses Lewitt of deceiving investors by directing $30 million into distressed hospital companies instead of more liquid investments and allegedly siphoning off at least $4.7 million from the fund.
Financial mismanagement and SARs
Federal law enforcement had been keeping a close eye on Michael Lewitt and his firm, Third Friday Management, and instructed his bankers to report any suspicious activity to the Treasury.
The recently reviewed reports by the Daily Mail shed light on James Biden's involvement, as he apparently received thousands of dollars in "business loans" as part of Lewitt's scheme but spent them on personal expenses, including Philadelphia Eagles season tickets.
While James has not faced any charges, the SARs raise the possibility of his involvement in federal fraud claims.
It's worth noting that a previous civil lawsuit alleged that James and Lewitt invested in a struggling rural healthcare firm, Americore, and used it to make an offer to purchase another healthcare company in 2018.
However, they supposedly reneged on their promises, stole business plans, and funneled Americore's funds into their personal accounts through questionable "loans."
James has denied any wrongdoing in this case, and the parties settled in May 2020, though related bankruptcy filings are still in progress. Despite these settlements, the newly revealed Treasury reports suggest that he did receive money linked to Lewitt's alleged fraudulent scheme, now under SEC scrutiny.
One SAR, filed by Wells Fargo in May 2020, disclosed that James and his wife Sara's company, Lion Hall, received $125,000 from Lewitt's hedge fund.
While the wires were marked as a "loan for funding business expenses," they were used for personal expenditures, such as landscaping, home equity loan repayment, electrical work, and Philadelphia Eagles season tickets.
Another SAR, filed by investigators at First Republic Bank, revealed that James received wires totaling $23,150 from Third Friday into his personal JPMorgan Chase account, raising suspicion due to his association with the rural healthcare lawsuit and the Americore Health matter.
James 'Jim' Biden's involvement with rural healthcare firms
James Biden's involvement with Michael Lewitt and the rural healthcare firms has been the subject of federal court battles, sparking claims that he used his connections with Joe Biden's brother and Middle East investors to perpetrate a multi-million-dollar fraud.
A 2019 civil lawsuit by Diverse Medical Management (DMM) alleged that James partnered with Lewitt in 2017, promising loans, investments from Qatar, and government policy support for DMM's mental health services at rural hospitals. However, the foreign money and political backing never materialized.
The lawsuit claimed that the duo stole business plans and reneged on financial commitments. Allegedly, James also promised a significant Middle East investment for Americore but didn't deliver.
Allegations that he took out personal loans from Americore and failed to repay them have also emerged.
James' connection to Americore was bolstered by his political ties, and he reportedly arranged for the firm's CEO to meet Joe at a 2017 political fundraiser. Two hospitals operated by Americore were raided by the FBI in January 2020, investigating alleged financial mismanagement.
Although James has not faced arrest or federal charges, a business card filed in court documents identified him as "Jim Biden / Principal / AmericoreHealth.com." The lawsuit also named Dr Amer Rustom, who was expected to secure Qatari funding for the hospital venture, but the promised funds never materialized.
In a groveling letter found on Hunter Biden's abandoned laptop, James cited the Bidens' long-standing relationships and connections but claimed they were not lobbyists. However, it appears that the Qatari funding didn't materialize as expected, according to the Daily Mail.
About James 'Jim' Biden's wife Sara Jones Biden
Sara Jones Biden, the wife of James "Jim" Biden, is an accomplished lawyer known for her expertise in the fields of Litigation, Health, and Family Law. Born on October 28, 1959, in Owensboro, Kentucky, Sara's academic journey reflects her dedication to the profession.
She obtained her Bachelor of Arts degree with honors from the University of Kentucky in 1983. Following her undergraduate studies, Sara pursued her legal education at Duke University's School of Law, where she earned her Juris Doctor in 1987.
It's worth noting that President Joe Biden himself attended the wedding of Sara and James in Owensboro in August 1995.